The Unz Review: An Alternative Media Selection
A Collection of Interesting, Important, and Controversial Perspectives Largely Excluded from the American Mainstream Media
 BlogviewPaul Craig Roberts Archive
Where Are Marx and Lenin When We Need Them?
🔊 Listen RSS
Email This Page to Someone

 Remember My Information


Bookmark Toggle AllToCAdd to LibraryRemove from Library • BShow CommentNext New CommentNext New ReplyRead More
ReplyAgree/Disagree/Etc. More... This Commenter This Thread Hide Thread Display All Comments
These buttons register your public Agreement, Disagreement, Troll, or LOL with the selected comment. They are ONLY available to recent, frequent commenters who have saved their Name+Email using the 'Remember My Information' checkbox, and may also ONLY be used once per hour.
Ignore Commenter Follow Commenter
Search Text Case Sensitive  Exact Words  Include Comments
List of Bookmarks

Marx and Lenin were ahead of their time. Marx wrote before offshoring of jobs and the
financialization of the economy. Lenin presided over a communist revolution that jumped the gun by taking place in a country in which feudal elements still predominated over capitalism. In 21st century America capitalism has been unfettered from the regulations that democratized it and made it serve society. Today capitalism is being financialized with the consequence that its productive power is being drained into the service of debt.

When I was a young man, an individual with one million dollars was very rich. Anyone with a few millions more was considered richer than rich. Today there are people who have thousands of millions of dollars.

Few earned their billions by producing goods and services sold to consumers.

The neoliberal economists, who prescribe economic policy not only in the West but also in Russia and China, incorrectly claim that money received is money earned. In fact, how did the Less-Than-One-Percent really get their thousands of millions?

They got them through political connections and through purely financial transactions.

When the Soviet Union fell apart as a consequence of hardline communists arresting President Gorbachev, well connected individuals in Russia and the Soviet province of Ukraine, especially those well connected to Washington and Israel, ended up with massive holdings that formerly were state properties.

In the US billionaires result from bank lending for leveraged takeovers of companies. The takeovers produce riches for the takeover person from curtailing company pensions and using the company’s cash to pay off the takeover loan. Often the company and its employees are ruined, but the takeover artist walks away with massive amounts of money. Manipulation of initial public offerings are another source of riches as are securitized derivatives.

Classical economists, and Michael Hudson today, define these profits as “economic rents,” the income from which required no increase in real output to produce. In other words, these billionaire wealth gains are a form of parasitism based on exploitation and not on the production of real output. The gains result from draining income from production into the service of debt.

Today’s capitalist economies are far more dysfunctional than Marx supposed. For the past two decades Western economies have served no one but the very rich, and the exploited masses have submitted to their exploitation. The Western public may as well be slaves.

There is no reason for a person to have thousands of millions of dollars. The money elevates the political power of individuals over the power of the electorate. Indeed, the money becomes the electorate. The money is used to purchase political control, which destroys representative government. Billionaires, such as Sheldon Adelson, George Soros, and the Koch brothers, use their billionaire fortunes to control the US government in their interests. A Republican Supreme Court has made this easier for them.


The rise of financial power in Russia and China has created private power centers in those countries that, like the ones in the US, are independent of the governments. These power centers have the potential to capture the governments and to use public offices to further concentrate wealth in few hands. Privatizations in Russia and China will strengthen the independent power of narrow private interests as they have in Europe and the UK. Neoliberal economics guarantees that eventaully private money controls the government.

Oxfam, an international charity headquartered in Oxford, England, reports that 62 billionaires own half of the wealth in the world.

It was Warren Buffett, one of the richest mega-billionaires, who said that his secretary’s tax rate was higher than his. If governments do not rectify this, revolution will.

But apparently voters won’t, at least not in the US. Hillary represents the One Percent, as the
Clinton’s $153,000,000 in speaking fees attest, but the 99 percent are self-destructing by voting in support of Hillary’s ambition to gain the presidency. Apparently, H. L. Mencken was correct, the vast majority of Americans are morons.

(Republished from by permission of author or representative)
• Category: Economics, Ideology • Tags: Wall Street 
Hide 12 CommentsLeave a Comment
Commenters to FollowEndorsed Only
Trim Comments?
  1. Rehmat says:

    Dr. Roberts – I’m afraid you’re day dreaming. Both Karl Marx and Josef Stalin were mass murderers and no friends of poor Russians.

    It’s reported that once Stalin’s mother visited his son in Kremlin and watched her son’s luxurious life-style for three days. When she was returning to her home in a small town, Stalin asked her, “Are you proud of your son?” She replied: “Wait until the real communists arrive.”

    After killing and expulsion of nearly a million Tartar Muslims, Stalin established the first Jewish state inside Soviet Russia in 1934.

  2. Realist says:

    “Apparently, H. L. Mencken was correct, the vast majority of Americans are morons.”

    But of course. One of the reasons democracies never work….for long.

    • Replies: @iffen
  3. anonymous • Disclaimer says:

    The bulk of Americans being dumb, uninformed, or “morons”, is true enough but it’s also relative. A person is dumb only because there’s those who are smarter who in their turn are dumb to those who are smarter yet. That’s how every society is. Those who bamboozle and mislead the lower half of society only need to be a couple steps ahead of them. All media and most sources of information are controlled by the upper 1% or, more accurately, the upper .1%, and that’s why everything is spin, lies and distortion. We’re living in an environment of full-spectrum lying 24/7 and it takes quite a bit to be able to break free of it. The problem is that those running the show have contempt for everyone not in their club. The public is not something to be guided and helped along to develop but rather are viewed as existing for the benefit of the upper strata, just cows to be milked. They are there to be exploited and provide the rulers with a royal standard of living. It would be unwise, from their point of view, to develop the public beyond what is necessary to maintain the production of wealth, which is why education, so-called news and mass entertainment are the way they are. The dumb Americans are to be kept that way, they’re there just to crank it out. Just like WC Fields said. ‘Never give a sucker an even break or smarten up a chump’.

    • Agree: iffen
  4. KenH says:

    Strange how a former Reagan administration official is now a proponent of Jewish Marx and Lenin, the latter being a mass murdering thug. While some or perhaps many of Marx’s critiques of capitalism are valid there has yet been a nation who has successfully implemented Marxian economic principles and it is much better in theory than in practices since it contravenes human nature.

    All Marxist/communist nations have failed utterly to provide for its citizenry although E. Germany supposedly came close, but the Germans can make almost anything work. The Soviet Union was wracked by massive corruption and kleptocratic machinations before its ultimate fall similar to the moribund USA today.

    PCR may want to re-read Animal Farm before extolling the virtues of Marxism. George Orwell quickly became disillusioned with it and virtually all nations who adopt it descend into totalitarian hellholes.

    No system, whether laissez faire, regulated free market capitalism or Marxist, can work unless led by noble and honorable men but most Western nations are now led by the amoral, self-serving, cunning and psychopathic and adopting Marxist tenets would do little to change that.

    • Replies: @Rehmat
    , @Canadian Cents
  5. Rehmat says:

    What America and the rest of West need is to check out Iran’s elections and the banking systems.

    The country’s Constitution bars all corrupt and foreign agent politicians while hangs the greedy bankers.

    In May 2014, Iran carried out the 2012 death sentence of Mahafrid Amir Khosravi, a banker who along with his four brothers was accused of a bank scam involving $2.6 billion in 2011. According to the prosecutor, in space of two years, Amir Mansour Aria Development Co. bought 40 companies including a major steel mill, with forged letters of credit obtained from several banks whose managers they had bribed.

    No wonders, Iranian Islamists are hated by the western capitalist elites. There is nothing wrong in defrauding other people or bribing influential officials. It’s a common practice in the West. Even Jewish Talmud allows such practice as long as the victims of scam are not Jewish. In western countries, most major banking institutions are owned by Zionist Jews – some of whom, like Jewish Casino billionaire Sheldon Gary Adelson 84 (worth $41 billion), who has most Republican leaders in his back-pocket.

  6. @KenH

    KenH, I don’t think Paul Craig Roberts was being proponent of Marx and Lenin, or extolling the virtues of Marxism. He merely noted that some of their observations were prescient. Nowhere does he call for Marxism, but for a return to regulated capitalism that serves society.

    • Replies: @KenH
  7. AndyBoy says:

    Paul Craig Roberts is always bashing free markets, and often White people. It’s getting old.

    The problem with our current system is not some Deep Dark Conspiracy. It is demographics.

    You can’t import the 3rd world and have anything but a 3rd world country.

    But PCR won’t touch that. Instead he directs us to thrilling Illuminati theories.

  8. iffen says:

    Morons need good government too.

  9. Rehmat says:

    Karl Marx, Lenin and Herzl – though pretended to be Atheists – but they could not get rid of their inborn hatred of Gentile. Under Communist rule, thousands of churches and mosques were destroyed, but not a single Synagogue was touched. Similarly, both Christian and Muslim communities were persecuted and tens of millions of Christians and Muslims were killed – but not a single Jewish community was persecuted.

    Edwin N. Wright, an American State official and expert on Middle East affairs – and the author of book The Greatest Zionist Cover-up said in an interview:

    “President Truman was a US politician, needed Jewish money and votes to win an election. To the Zionists, Truman was a Messianic Savior chosen by Destiny…..I am not sure the Esther model is the one to hope for. Esther got her Gentile King (of Persia) drunk, then wheedled his signet ring and then sent an order to the Jews – so they slew 75,000 innocent Persians (Esther 9:16). The Book of Esther is not history. It is a parody. The Ahasuerus of Esther is probably the Seleucid King Antiochus IV Epiphanes (165 BC) and Mordechai is probably a symbol for Judas Macabues. Esther represents the beautiful dream of a Messianic Jewish state. There is lesson nevertheless in this immoral and violent story. A political marriage of any political power with Messianic Zionism is certain to produce disaster.”

  10. Realist says:

    “Paul Craig Roberts is always bashing free markets, and often White people. It’s getting old.”

    We have nothing close to a free market.

  11. KenH says:
    @Canadian Cents

    That could very well be the case and indeed some of their critiques were prescient. But PCR should consider the use of a disclaimer when he favorably invokes Marx or Lenin which he has done several times over the past couple of years.

    The critiques of both communism and finance capitalism by Joseph Goebbels and Adolf Hitler are no less prescient and perhaps even more so, but how do you think an article titled, Where are Goebbels and Hitler when we need them?, would go over with the general reader or that segment of PCR’s following who are social justice warriors of the left wing variety?

  12. iffen says:

    he favorably invokes Marx or Lenin

    Where are Goebbels and Hitler when we need them?

    Maybe some of us would choose Marx & Lenin instead of Goebbels & Hitler. I mean, if we had to choose and that was the only choice.

Comments are closed.

Subscribe to All Paul Craig Roberts Comments via RSS